When Your Startup Business Plan Needs to Be Revised

How will you know when to revise your business plan? The short answer is that plans are living documents and should be constantly evolving. That being said, there are certain times when major, rather than incremental change, is called for. How do you distinguish between the two? Below are unmistakable signs, or forks in the road, that should prompt you to substantially rethink your plan. 1) Your market has changed — Whether due to technological, regulatory, or competitor driven factors, key market dynamics you envisioned when you came up with your idea, did your research and developed your business plan, no longer apply. Whether you targeted an industry with plenty of existing competitors, or believed that your business would be the only one focusing on this previously unaddressed market opportunity, things have drastically changed. Maybe a major company with deep pockets has embarked on a product line extension and is …
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